Wirex, a UK-based FCA regulated borderless payment platform, has announced today the launch of its business accounts with the ability to transact in both fiat and cryptocurrencies. This is the first-time businesses can do transactions in cryptocurrencies under their legal entity name.
Wirex business customers will be able to manage their business accounts and make payments to suppliers in 4 cryptocurrencies and 12 traditional currencies, whilst benefiting from interbank and Over-The-Counter rates for international transactions using SEPA, Swift or the blockchain. The difference with Wirex is that there are no minimum transaction amounts in order to access the best possible rates. Other exchanges and accounts impose minimum transaction amounts, such as 20 BTC ($79,714 USD* at time of writing).
The desktop account gives business owners full control of all their accounts with differing permission levels and real time activity tracking, showing separate account balance as well as the total balance.
Dmitry Lazarichev Founder at Wirex said “B2B international transactions in crypto have for too long been subject to unnecessary restrictions and high fees through existing channels.”“From the outset, we thrive to empower our users to use their money, their way. Having spent the past 5 years building a platform that bridges the gap between cryptocurrencies and traditional money with a personal account, today we’re delighted to announce that we’re launching a business account which offers all of the same great features and put a stop to the pain encountered by crypto businesses when opening an account under a legal entity name. “
The launch of Wirex Business is aligned with the company’s strategy to become a truly borderless payment platform of tomorrow, answering the needs of its users – a strategy that started with the launch of the B2C personal account allowing individuals to buy, store, exchange and spend crypto and traditional currencies any where in the world instantly.
Wirex was approached by businesses who expressed they would like to transact using their business name. Although the feature was not available until now, data on consumers spending habits reflected that they were using their personal account for business purposes.
Business accounts are initially available for businesses registered in the EEA on a tiered subscription model depending upon company size and requirements.
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